LOUISVILLE, Ky. (WDRB) -- The Federal Reserve had finally lowered its key interest rate for the first time this year. For buyers and sellers waiting for rates to fall, this is what they had been waiting to hear for months to come.
The last couple of years have been brutal for home buyers. Mortgage rates sat at a standstill of 6-7%, making it hard to find a house to buy.
The process can be very frustrating with limited inventory, also.
That could all change if interest rates start to fall, according to realtors.
Many homeowners have been staying put because they are locked into a low mortgage rate around 4%. Surveys are finding that if rates drop, we could see a flood of homes go up for sale.
The Fed's decision to lower rates by a quarter point means that rates for many loans will start dropping within days, including auto loans, home equity lines, and credit cards.
If they continue their cuts this fall, that will continue the downward pressure on mortgage rates, making homes a bit more affordable and available.
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